Conditions of sale

These conditions of sale are the buyer's terms. They form the contract between the buyer and VALÉORINE, and between the buyer and the consignor, for every lot sold by timed online auction.

Registration. Bidding requires a registered account and completion of our identity and, where relevant, source-of-funds checks. We may refuse or cancel a registration, require a deposit, or decline any bid, at our discretion and without giving reasons.

Bidding. All sales are timed online auctions. Bids are placed in the published increments and are binding and irrevocable once accepted by the platform. A maximum (proxy) bid authorises the platform to bid on your behalf up to that amount in the published increments. Where a bid is placed in the closing minutes, the closing time of that lot is extended, and continues to be extended, until no further bid is received within the extension period.

Reserves and estimates. A lot may be offered subject to a confidential reserve, which will not exceed the low estimate. Estimates are opinions and do not include buyer's premium or taxes.

Sale and premium. The highest bid accepted at the close of the lot, where any reserve has been met, constitutes the sale. The buyer pays the hammer price plus the buyer's premium published for that sale, plus any applicable VAT and any artist's resale right levy where it applies.

Condition and description. Lots are sold as viewed, in the condition in which they are found at the time of sale. Catalogue descriptions, condition reports and photographs are statements of opinion given in good faith and are not warranties as to condition, completeness, restoration or attribution. Where a lot is described as a work by a named hand and is subsequently shown, on the evidence of two recognised authorities, to be a deliberate forgery, the sale may be rescinded and the purchase price refunded on return of the lot in the condition in which it was sold, provided notice is given in writing within five years of the sale.

Payment. Payment in full is due within seven days of the invoice date, in pounds sterling unless the invoice states otherwise, by the methods shown on the invoice. Title does not pass until payment has cleared in full. On late payment we may charge interest, cancel the sale, resell the lot and recover any shortfall and costs.

Collection and shipping. Risk passes to the buyer on payment or on collection, whichever is earlier. Packing and shipping quotations are arranged on the buyer's instruction and at the buyer's cost and risk. Storage charges may apply after thirty days.

Export and licences. The buyer is responsible for obtaining any export licence or import permit required, and for any duty or tax due on import. The refusal of a licence does not release the buyer from the obligation to pay.

Cancellation rights. Goods bought at auction are exempt from the statutory right of withdrawal that applies to distance contracts. Nothing in these conditions affects a buyer's non-excludable rights.

Liability. Our liability to the buyer is limited to the purchase price actually paid for the lot. Nothing limits liability for fraud or fraudulent misrepresentation, or for anything else that cannot lawfully be limited.

Governing law. These conditions are governed by the law of England and Wales, and the courts of England and Wales have exclusive jurisdiction.